Brookfield-Kotak bids for Jaypee Megawatt power assets

Power News - Published on Tue, 02 Jan 2018

Economic Times quoted two persons with direct knowledge of the development as saying that Canadian asset manager Brookfield and the Kotak Mahindra group have jointly bid for 2,200 megawatts of power assets belonging to Jaypee Power Ventures, a unit of Jaiprakash Associates.

The consortium submitted its bid to the committee of creditors and top executives gave a detailed presentation on operational and financial details for the mix of both thermal and hydel assets in north and east India, they said. A deal, if concluded, will close at an equity value of INR 3,500 crore to INR 4,000 crore. The power assets are currently part of the strategic debt restructuring process intended to salvage the debt-laden company.

Brookfield will own 90% of the assets, according to the proposal, one of the two persons said.